12 Apr 2024
Enhancing legal protection: Allianz partners with Speed Medical for PAID+
When it comes to legal expenses insurance, innovation and partnership can make all the difference, and in recognising this, Allianz Legal Protection (ALP) has unveiled a ground-breaking collaboration with Speed Medical, introducing 'PAID+' to the legal industry.
This enhanced After the Event (ATE) proposition is tailored for expert clinical negligence and personal injury law firms, aiming to revolutionise the way legal disbursements and medical services are managed throughout the litigation process.
Introducing PAID+
PAID+ merges ALP's established 'Paid As Incurred Disbursements' (PAID) scheme with Speed Medical's expert medical services and deferred payment terms, with the core idea behind PAID+ being to alleviate the challenges faced by law firms in managing cash flow burdens and obtaining timely medical reports, particularly in cases with prolonged settlement times.
Unlike traditional funding arrangements, PAID+ operates without loans, additional interest, or complex credit agreements. Under this model, solicitors can claim the cost of disbursements as they occur, eliminating the financial strain associated with waiting until the conclusion of a case. As a result, this streamlined approach not only simplifies the process for law firms but also enhances transparency for clients.
Speaking to the new partnership, Head of Sales and Distribution at ALP, James Barclay, emphasised the company's commitment to supporting law firms and policyholders through every stage of the litigation journey, describing PAID+ as a natural evolution in facilitating access to justice, providing firms with the confidence to progress cases while being backed by insurance and medical assessment experts.
Streamlining processes with Speed Medical
With over 25 years of experience as a leading UK provider of medical reports, Speed Medical's role in the PAID+ partnership is pivotal, with them brining efficiency and expertise to the table and crafting a product designed to expedite the claims lifecycle and minimise disruptions for clients by collaborating closely with ALP.
In fact, Commercial Director of Speed Medical, Caroline Arrowsmith, highlighted the company's commitment to innovation and collaboration, stating that the joint proposition with ALP represents another milestone in their journey to deliver cutting-edge solutions to the legal industry.
How does PAID+ work?
PAID+ operates on a simple yet effective 3 step principle:
- PAID: where solicitors can claim the cost of insured disbursements as they are incurred, ensuring a steady cash flow throughout the case
- Speed Medical partnership: where law firms can seamlessly instruct Speed Medical for pagination and medical expert services, with fees deferred for 3 years
- And extended support: whereby if a case extends beyond the 3-year deferral period, PAID+ steps in to cover Speed Medical's fees until case conclusion
But that’s not all. PAID+ also works to address several key challenges faced by legal practitioners, including:
- Longer settlement times: where complex cases and external factors can often prolong settlement times, PAID+ leverages Speed Medical's proactive approach to expedite the acquisition of medical reports
- Expert sourcing: where finding the right experts can be time-consuming, Speed Medical's extensive panel of over 5,000 experts streamlines this process, ensuring access to specialised professionals in a timely manner
- Financial constraints: where PAID+ reduces cash flow burdens, supports growth ambitions, and offers fair and predictable premiums based on damages, empowering firms to handle more cases effectively
Why choose PAID+?
The benefits of PAID+ are vast, including:
- Sheer ease and convenience: as PAID+ combines the strength of ALP's comprehensive ATE policy with Speed Medical's expertise, offering seamless support and protection for firms and clients
- Balance sheet protection: by paying disbursements as incurred and deferring Speed Medical fees, PAID+ safeguards firms' financial stability and removes the responsibility of immediate payment from policyholders
- And offers reputation and expertise: with a legacy spanning over three decades, ALP's track record of success and partnership with Speed Medical ensure unparalleled service quality and reliability for law firms
A partnership approach with Speed Medical
By partnering with Speed Medical, ALP’s approach can extend beyond product offerings by targeting expert clinical negligence and personal injury law firms, working to prioritise collaboration, credibility, and risk assessment, ensuring tailored solutions and support for their partners.
The introduction of PAID+ marks a significant milestone in the evolution of legal protection solutions, and through combining the strengths of Allianz Legal Protection and Speed Medical, this innovative partnership sets a new standard for efficiency, transparency, and support in the legal industry.
As law firms navigate the complexities of litigation, PAID+ stands ready to empower them with the tools and resources they need to deliver justice for their clients.
For more information, please visit www.speedmedical.com, contact our team via email at info@speedmedical.com or call us directly on 0330 094 8749.
